Venezuela: #1 in misery index

In an upcoming article in Globe Asia Magazine, Prof. Steve Hanke of Johns Hopkins is Measuring misery around the world. Venezuela is on top:

When measured by the misery index, Venezuela holds the ignominious top spot, with an index value of 79.4. But, that index value, as of 31 December 2013, understates the level of misery because it uses the official annual inflation rate of 56.2%. In fact, I estimate that Venezuela’s annual implied inflation rate at the end of last year was 278%. That rate is almost five times higher than the official inflation rate. If the annual implied inflation rate of 278% is used to calculate Venezuela’s misery index, the index jumps from 79.4 to 301, indicating that Venezuela is in much worse shape than suggested by the official data.

With their ID cards, and by providing the fingerprints for their index fingers and thumbs, any Venezuelan can register in the system.

Registration also requires providing a series of detailed personal information: is the person a public employee, do they belong to a communal council, do they shop at government stores, and whether or not they have participated in the government’s social programs. They also have to leave their phone number and an email, where in 45 days they will receive a message saying their caard is ready.”